The supply of Tether’s U.S.-focused stablecoin USAT exploded 540% month-over-month in April, according to the latest attestation report. The number of redeemable tokens rose from roughly 22 million in March to over 140.8 million by the end of April.
The total reserve balance climbed in parallel, hitting approximately $141.2 million, which includes a small surplus of $327,450 over outstanding tokens. The reserves are held as cash ($13.4 million) and reverse repurchase agreements collateralized by U.S. Treasury securities ($127.8 million), all in segregated fiduciary trust accounts.
Tether CEO Paolo Ardoino said the figures show regulated digital dollar adoption accelerating “at exactly the moment U.S. policy is beginning to catch up with market demand.” Bo Hines, CEO of Tether USAT, added that the growth reflects “increased use across institutional treasury operations, settlement flows, and regulated dollar liquidity management.”
USAT was launched in January by Anchorage Digital Bank, the first federally chartered crypto-native bank, and is designed to comply with the GENIUS Act’s requirements for 1-1 reserve backing. Despite the rapid expansion, the token still trails larger rivals: Circle’s USDC has a market cap of around $76 billion, while PayPal’s PYUSD stands at $5.5 billion and RLUSD at $1.7 billion.
